Topic: What if someone wants to buy out Bitcoin (Read 4248 times)
Even though this won't happen, bitcoin is already groundbreaking. Even if it broke now, the idea is still valuable and it can't be destroyed. P2P currency will be around for a long time, just because of how fair it is. It's literally by the people, for the people.
That wouldn't be possible and if ever that happens, bitcoin's value would be 0 because of the fact that only one person use it and have it. People would not be interested in using a coin wherein one person could control the whole system. Bitcoin is designed to be decentralized, that's why some people tend to keep it or use it rather than fiat. If one man bought all the bitcoins (which isn't possible because 21 million coins aren't minted yet and some bitcoins that are lost on the 'void'), the idea of being decentralized is broken.
This would not be possible today, as the miners generate 3,600 new bitcoin every day so the buyer would never have *all* of the bitcoin in existence.
I would also doubt that satoshi would sell his bitcoin to someone that is trying to buy up all of them.
I would also doubt that satoshi would sell his bitcoin to someone that is trying to buy up all of them.
Read the "Stupid Questions FAQ".
They would only get everything on the exchanges order books and even if they went and bought out everyone else it would be pointless cause then they would be the only one holding and everyone would move onto a new coin.
It is a free market in which price is controlled by supply/demand. Someone who want to buy even 1 million BTC will drive price to the sky.
I was going to suggest that such a buyer could buy small amounts at a time. But then I realized that in order to accumulate 1M BTC in a reasonable amount of time, he/she would probably end up increasing the daily volume of multiple exchanges by 5-10% or more. That would certainly add a lot of buoyancy to the market.It is more interesting to estimate the minimum amount of bitcoins required to effectively control major bitcoin markets (exchanges). There are many big whales out there (according to rpietila and his thread, 70 individuals hold together around 3.6M bitcoins), but they seem to be mostly inactive, so this amount shouldn't be great.
It is a free market in which price is controlled by supply/demand. Someone who want to buy even 1 million BTC will drive price to the sky.
I was going to suggest that such a buyer could buy small amounts at a time. But then I realized that in order to accumulate 1M BTC in a reasonable amount of time, he/she would probably end up increasing the daily volume of multiple exchanges by 5-10% or more. That would certainly add a lot of buoyancy to the market.It is more interesting to estimate the minimum amount of bitcoins required to effectively control major bitcoin markets (exchanges). There are many big whales out there (according to rpietila and his thread, 70 individuals hold together around 3.6M bitcoins), but they seem to be mostly inactive, so this amount shouldn't be great.
He can buy out bitcoin at high price and then we all shift to litecoin 
...
...Wish it is that simple. I sold out all alt coin a few weeks ago, not going to own any of them ever again.
He can buy out bitcoin at high price and then we all shift to litecoin ...
... 
It is a free market in which price is controlled by supply/demand. Someone who want to buy even 1 million BTC will drive price to the sky.
I was going to suggest that such a buyer could buy small amounts at a time. But then I realized that in order to accumulate 1M BTC in a reasonable amount of time, he/she would probably end up increasing the daily volume of multiple exchanges by 5-10% or more. That would certainly add a lot of buoyancy to the market.
All 21 million coin's won't be minted within our lifetime so technically impossible.
It is a free market in which price is controlled by supply/demand. Someone who want to buy even 1 million BTC will drive price to the sky.
I was going to suggest that such a buyer could buy small amounts at a time. But then I realized that in order to accumulate 1M BTC in a reasonable amount of time, he/she would probably end up increasing the daily volume of multiple exchanges by 5-10% or more. That would certainly add a lot of buoyancy to the market.Provided there are 1M bitcoins on the market at all (to be able to buy out them all).
It is a free market in which price is controlled by supply/demand. Someone who want to buy even 1 million BTC will drive price to the sky.
I was going to suggest that such a buyer could buy small amounts at a time. But then I realized that in order to accumulate 1M BTC in a reasonable amount of time, he/she would probably end up increasing the daily volume of multiple exchanges by 5-10% or more. That would certainly add a lot of buoyancy to the market. Like acquire all 21 million coins. Then what? 
If somebody bought all the bitcoins, then Bitcoin would become useless and the value of those 21 million bitcoins would be 0.
Not really. Just don't tell anybody and lend out a few and spend a few while trading with yourself to make the price look really high. You don't even need all 21M. All you need to do is accumulate the coins from all the "weak hands" that would have dumped the coins between the current price and the price you're attempting to manipulate up to.
Step 1: Spend about $500M manipulating the price up to $5k and buying up nearly all the coins
Step 2: Bitcoin gets lot of attention for multiplying in value again.
Step 3: Manipulate price down to $3.5K selling to anybody in your way (your mean price would likely be <$1000 anyway so its profit at this point)
Step 4: Hopefully attract the attention of shorters and lend to them.
Step 5: Quickly try to figure a way to find more people who you can lend to with reasonable collateral in any way possible.
Step 6: Manipulate price up again short squeezing all the borrowers
Step 7: ...
Step 8: Enjoy acting like a central bank
This scheme is not sustainable (in fact, it is just a perverted financial pyramid)!
If bitcoin is not used in everyday life (that is buying and selling goods and services in exchange for it), the bubble you thus create will soon pop up (remember tulips?). And then people will try to distance themselves from it as much as possible.
Like acquire all 21 million coins. Then what?
If somebody bought all the bitcoins, then Bitcoin would become useless and the value of those 21 million bitcoins would be 0.
Not really. Just don't tell anybody and lend out a few and spend a few while trading with yourself to make the price look really high. You don't even need all 21M. All you need to do is accumulate the coins from all the "weak hands" that would have dumped the coins between the current price and the price you're attempting to manipulate up to.
Step 1: Spend about $500M manipulating the price up to $5k and buying up nearly all the coins
Step 2: Bitcoin gets lot of attention for multiplying in value again.
Step 3: Manipulate price down to $3.5K selling to anybody in your way (your mean price would likely be <$1000 anyway so its profit at this point)
Step 4: Hopefully attract the attention of shorters and lend to them.
Step 5: Quickly try to figure a way to find more people who you can lend to with reasonable collateral in any way possible.
Step 6: Manipulate price up again short squeezing all the borrowers
Step 7: ...
Step 8: Enjoy acting like a central bank
It is a free market in which price is controlled by supply/demand. Someone who want to buy even 1 million BTC will drive price to the sky.
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Like acquire all 21 million coins. Then what?
Could not acquire all the supply, and there would need to be a lot of coins on the exchange to do it lol.
15 Million Presently so they would need to live till 2100+ to get to the full mintage
Lol a FAQ for this would be useful
Like acquire all 21 million coins. Then what?
maybe this could be your referencehttps://bitcointalksearch.org/topic/btcsolutions-where-buying-and-selling-bitcoinbtc-679067
With a "Stupid Questions FAQ"... this thread would have gone on for 2 or maybe three posts, and died. Not 3 pages.
OP: What if someone wants to buy out Bitcoin?
Poster1: Read the FAQ, noob.
OP: Damn, it really was a stupid question. Thanks internets.
OP: What if someone wants to buy out Bitcoin?
Poster1: Read the FAQ, noob.
OP: Damn, it really was a stupid question. Thanks internets.
Haha yea, it would be good if all the newbies read a little more the bitcoin wikipedia before creating new topics in sections that arent newbie.
With a "Stupid Questions FAQ"... this thread would have gone on for 2 or maybe three posts, and died. Not 3 pages.
OP: What if someone wants to buy out Bitcoin?
Poster1: Read the FAQ, noob.
OP: Damn, it really was a stupid question. Thanks internets.
OP: What if someone wants to buy out Bitcoin?
Poster1: Read the FAQ, noob.
OP: Damn, it really was a stupid question. Thanks internets.
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